The Potential Trajectory of Bitcoin (BTC/USD) after US Inflation Data
After the release of recent US core inflation data, the crypto community is eagerly discussing the potential trajectory of Bitcoin (BTC/USD) on October 12. The financial realm is buzzing with speculation and predictions following the higher-than-anticipated September inflation data.
Analysts are now considering the possibility of the Federal Reserve hiking interest rates due to the robust jobs market data. The consumer price index has seen a steady year-on-year rise of 3.7%, which aligns with expectations.
Despite projections of a minor downturn, monthly inflation experienced a slight slowdown from 0.6% to 0.4%. Core inflation rates, excluding energy and food prices, remained stable at 0.3% month on month. On an annual scale, core inflation slightly decreased from 4.3% to 4.1%.
Bitcoin Price Prediction
With a circulating supply nearing its maximum of 21 million BTC coins, the 4-hour chart indicates key figures for Bitcoin: a pivot point at $27,000, resistances at $27,210, $27,717, and $28,198, and supports at $26,586, $26,023, and $25,475.
The RSI is currently at 30, suggesting bearish sentiment, while further momentum insight awaits the MACD values. The price is just above the 50 EMA of $26,950. Chart patterns reveal a symmetrical triangle breakout around $27,700, indicating potential bullish momentum.
Fundamental Factors Influencing Bitcoin
The unchanged US inflation rate of 3.7% in September 2023 and the behavior of energy prices may play a pivotal role in Bitcoin’s movements. If the price falls below $26,950, the trend for Bitcoin will turn bearish. In the short term, fluctuations around key resistances and supports are expected.
Hot Take: Bitcoin’s Response to US Inflation Data
The recent US inflation data has sparked discussions about the potential trajectory of Bitcoin. While core inflation rates remained stable and monthly inflation saw a slight slowdown, the overall economic landscape suggests interesting market dynamics for Bitcoin. With key resistance and support levels identified on the 4-hour chart, traders will be closely monitoring Bitcoin’s price movements in response to the inflation data and other fundamental factors.
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